Moneybox was formally launched in 2015 after approval from the FCA. The company is owned by Digital Moneybox Limited, a UK-based company.
The company has raised about $70M so far in funding. The lead investors for this fintech include future fifty and eight roads venture.
This app promises its customers a great experience, but do the customers agree? We surveyed the user feedback to get a feel of what users say about the company. Most users believe that the app is doing its job well, with a 4.3-star rating on Trustpilot.
Can I use Moneybox for international bank transfers?
Currently, Moneybox users cannot transfer money internationally. Therefore, even crediting to overseas bank accounts is impossible.
However, if you are a Moneybox customer, do not despair. There are great options that are swift and offer great rates.
With a fully-fledged remittance app, you will be able to draw money from your account app and transfer it overseas. Some of the best remittance companies in the UK currently include XE and World remit.
How long do transfers take with Moneybox?
In terms of transfers, Moneybox can only send your cash to various banks within the UK. This is true, especially when your round-ups are involved.
However, as it stands, Moneybox does not provide international remittances. Therefore, customers will have to use alternatives.
If you wish to send funds quickly, service providers like Paysend and Azimo promise to process your funds instantly. Delivery of the funds takes minutes or hours, depending on the recipient's bank account.
Are there transfer limits?
Moneybox plans to introduce international money transfers in the future. Therefore, at the moment, customers cannot send or receive money to and from the UK.
For customers who want to send larger amounts, it is prudent that you have the proof of origin for the funds. Companies like XE do not have any threshold to the funds one can send.
Can I use a Moneybox debit card when travelling abroad?
Surprisingly, Moneybox does not offer a debit card to its customers. Customers should seek alternatives by engaging their banks.
Moneybox Exchange rates and fees
Exchange rate: Moneybox does not provide rate changes for international transfers.
Fees: Moneybox does not facilitate international funds transfer; therefore, customers have to seek alternatives.
How do Moneybox transfer fees compare to using a money transfer provider?
Most remittance companies, banks, and financial apps charge fees to facilitate cash transfers from the UK to other destinations.
Moneybox does not offer international remittance services. However, since this is a highly competitive space, companies have developed exciting and cheap solutions to entice customers to use their services. Providers like XE are now transferring cash from the UK for free. Others like Azimo and World remit offer the first few transfers for free.
Moneybox Bank pros and cons
Moneybox does not have any benefits as a money transfer companion since it does not have the service.
Moneybox Additional Products
Some of the top products on offer include:
Investment Banking- Customers can open an investment account.
Savings – Customers can open a savings account and save their spare change via the round up feature. Your savings do earn interest.
Home Buying – Moneybox offers mortgage advisers to help their clients get a mortgage.
Retirement Plan – Personal Pension funds consolidated in a Moneybox account.
Moneybox was established to help people save and invest. The app allows the customer round up their purchases. This money is then set up in a saving or investment account to earn interest.
Currently, the company does not offer international money transfer services. Customers have to use other available options in the UK to send cash overseas.